Note: Real Estate Investar Group Limited (ASX:REV) changed their name to PropTech Group (ASX: PTG) as per this article.
Real estate listings company, Domain (ASX: DHG), plans to simplify operations in line with agent needs by selling MyDesktop, a customer relationship management (CRM) platform that has been in its stable for more than a decade. Domain has entered an agreement to sell MyDesktop to Real Estate CRM Pty Ltd for $14 million, with 50% of the total consideration depending on certain conditions being met in 2021. MyDesktop was brought into Domain’s portfolio in 2007, and has played an integral role in building partnerships with agents, according to Domain’s CEO and managing director, Jason Pellegrino.
On March 3, 2020, Real Estate Investar Group Limited (ASX:REV) signed a binding conditional term sheet to acquire Vault Group Pty Ltd. As part of the agreement, shareholders of Vault Group Pty Ltd will receive 10 million shares of Real Estate CRM Pty Ltd.
REV intends to merge the two platforms to provide MyDesktop customers with a seamless transition to a next-generation CRM platform, with access to in-built property management and commercial real estate functionality. REV’s executive director, Joe Hanna, expects the combination of the two platforms to transform the group into a highly profitable prop-tech company.
According to REV’s chairman, Simon Baker, the acquisition of Real Estate CRM, MyDesktop and Vault is a transformational moment for the REV Group, establishing it as a serious and profitable prop-tech player in the Australian market. Domain has emphasised its commitment to working with REV to ensure the continuity of service for both parties’ customers.
Simon has stated “Over the last 12 months, the leadership team, headed by Joe Hanna, has explored numerous acquisition opportunities. The purchase of Real Estate CRM, and thus MyDesktop and Vault, is a transformational moment for the REV Group and establishes it as a serious and profitable PropTech player in the Australian market.
He also added that “Real Estate Investar is now well positioned to explore additional acquisition and investment opportunities.”
